Analysts Expect Everspin Tech (NASDAQ:MRAM) to Post ($0.38) Earnings Per Share
Everspin Tech (NASDAQ:MRAM) has been given an average broker rating score of 1.00 (Strong Buy) from the four brokers that cover the company, Zacks Investment Research reports. Four analysts have rated the stock with a strong buy recommendation.
Analysts have set a 1 year consensus target price of $13.75 for the company and are predicting that the company will post ($0.38) EPS for the current quarter, according to Zacks. Zacks has also assigned Everspin Tech an industry rank of 90 out of 265 based on the ratings given to related companies.
A number of analysts have recently commented on the company. Needham & Company LLC reissued a “buy” rating and issued a $12.00 price target on shares of Everspin Tech in a research report on Monday, June 12th. Zacks Investment Research raised Everspin Tech from a “sell” rating to a “hold” rating in a research report on Wednesday, May 17th. Finally, Stifel Nicolaus boosted their price target on Everspin Tech from $11.00 to $19.00 and gave the stock a “buy” rating in a research report on Monday, June 5th.
Shares of Everspin Tech (NASDAQ MRAM) traded up 4.95% on Tuesday, reaching $18.64. The company’s stock had a trading volume of 169,770 shares. Everspin Tech has a 12-month low of $6.15 and a 12-month high of $25.39. The company’s market cap is $233.17 million. The company’s 50 day moving average price is $21.22 and its 200 day moving average price is $12.68.
Everspin Tech (NASDAQ:MRAM) last issued its quarterly earnings results on Friday, May 12th. The business services provider reported ($0.49) EPS for the quarter, topping analysts’ consensus estimates of ($0.51) by $0.02. The company had revenue of $7.88 million during the quarter, compared to the consensus estimate of $7.40 million. Analysts forecast that Everspin Tech will post ($1.35) EPS for the current fiscal year.
Several hedge funds have recently modified their holdings of MRAM. Renaissance Technologies LLC bought a new stake in shares of Everspin Tech during the first quarter worth approximately $126,000. Dialectic Capital Management LP acquired a new position in Everspin Tech during the first quarter valued at about $182,000. Mutual of America Capital Management LLC boosted its position in Everspin Tech by 10.4% in the first quarter. Mutual of America Capital Management LLC now owns 302,449 shares of the business services provider’s stock valued at $2,535,000 after buying an additional 28,472 shares during the period. Mesirow Financial Investment Management Equity Management acquired a new position in Everspin Tech during the first quarter valued at about $417,000. Finally, Royce & Associates LP acquired a new position in Everspin Tech during the second quarter valued at about $2,833,000. 40.12% of the stock is currently owned by hedge funds and other institutional investors.
About Everspin Tech
Everspin Technologies, Inc is a United States-based provider of magnetoresistive random-access memory (MRAM) solutions. The Company is engaged in designing, manufacturing and shipping discrete and embedded MRAM and spin-torque MRAM (ST-MRAM) into markets and applications. The Company’s products include 8-bit/16-bit Parallel Interface MRAM, Serial Peripheral Interface (SPI), Quad SPI and Double Data Rate (DDR) 3 dynamic random-access memory (DRAM) Compatible MRAM – Spin Torque Technology.
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